• Revenue down 15% to $68.6 million
• Profit after tax down 57% to $3.0 million
• Gyro sales decreased, but propulsion revenue remained strong
• Continued investment in capital equipment and R&D

VEEM Ltd has reported its financial results for the year ended 30 June 2025. The company's revenue decreased by 15% to $68.6 million, while profit after tax declined by 57% to $3.0 million. The revenue decrease was predominantly due to a decrease in ASC revenue as a result of the cyclical nature of the contract, as well as a decrease in gyro revenue. However, the company's propulsion revenue overall (including Shaftlines and defence) for the year was $35.0 million, a decrease of less than 1% over FY24, which was a record year. VEEM continued to invest in capital equipment and research and development during the year, including acquiring additional robotics and investing in product development, including gyro engineering related to product improvement. The company holds the dominant position as the only major supplier in the large marine gyrostabiliser market, which is estimated at US$1.1bn for new builds and US$13.5bn for retrofits. VEEM is exploiting this by driving sales growth and using existing customers as validation of the benefits in marketing to potential customers.

VEEM expects ASC revenue to increase through FY26, particularly in 2HFY26. The company will continue to commit to research and development projects as it sees necessary to remain at the forefront of the markets in which its products are sold and potentially enter new markets.